How to save money with minimal risk: a review of bank deposits in Spain

Interest rates on deposits in Spain are low. Most banks offer savings accounts where you can access your money while earning a low interest on the remaining balance. More competitive rewards can be found with foreign and fully digital banks.
The average interest rate on deposits across Europe is 2.65%.

Interestingly, Spanish financial institutions operating in other European countries offer competitive rates. The government even conducts campaigns with local financiers to encourage them to increase profitability and discourage greediness. Banks, in response, issue press releases announcing their intentions to raise rates, but in reality, not all have followed through on this promise yet.

Let's explore the options available today for those who are willing to use only conservative financial instruments.

* Savings accounts** 3 months*** Only in dolors

The bank accepts deposits starting from 600 euros for a period of up to 13 months, the amount depends on the deposit amount. The maximum interest rate is 0.65%.


There have been reports in the press that the bank responded to the government's comments and increased the deposit rate to 2 percent, but the old data - 1 percent with a minimum amount of 5000 euros for one year - is still indicated on the website.

Offers a range called Naranja, which includes deposits for one year (2 percent) and for 18 months (2.75 percent). Until October 31, there is a special offer to deposit up to 100,000 euros at 2.75 percent per annum for 4 months.

The conditions for receiving 2.26 percent per annum include maintaining an immutable balance of 15,000 euros in the savings account, in which case the interest is paid monthly.

A digital bank owned by Satander, unlike its owner, promises deposits for customers at a rate of up to 3.07 percent. The deposit can be canceled prematurely, in which case the rate will be 0.2 percent. For new customers, there is a new savings account that costs nothing and there are no restrictions on amounts and withdrawals. For the first year, the bank will pay 2.27 percent, then the rate will sharply decrease to less than one percent.

Deutsche bank
Offers to clarify the interest rate by phone for two of its products - a deposit from 3000 euros and in a foreign currency equivalent to 12,000 euros, for a period from one to 12 months. Until February 29, there is a special offer to open a salary account. The bank will credit 30 euros each month, as well as 2 percent on the balance.

Offers a savings account with an interest rate of 2.63 percent and a deposit from 500 to one million euros at 3.85 percent per annum for a period of 4 months.

The savings account is attached to the main one and promises 2 percent per annum.

An annual deposit at 3.34 percent with quarterly payments for one year. It can be canceled at any time, then the money will be returned minus the income received.

A savings account - 2 percent per annum, no deposits.

Does not offer deposits, but accrues 5 percent on 10,000 euros in the Cuenta Vamos account for new customers in the first year and 3 percent in the second year. For all other accounts, only 1 percent on the balance.

An online bank (formerly Andbank) until September 30 offers deposits of 3% per annum for a period of 6 and 12 months. It also has a savings account - 2 percent per annum.

The bank has an offer to open a savings account until November 30 at 2.5 percent. But not more than 30,000 euros.

Banco Mediolanum
Until September 30, you can deposit money at an interest rate of 3-5 percent for a period of 6 months from 2 to 500,000 euros. It is not possible to top up and partially spend.

The bank has begun to transfer all accounts of residents of Spain to its branch in the country. This will happen automatically, and the IBAN of clients will also change. At the same time, Revolut launched a new savings solution, which only formally resembles a deposit. In fact, this is a flexible investment account, which promises from 3.4% to 5.19% per annum in different currencies. Payments are made daily depending on success, but in the end, there may be a negative return. Accordingly, there are no guarantees from the deposit insurance.

The bank offers various deposits from 3 to 24 months averaging from 2.75 to 3.1 percent. The minimum contribution is 1000 euros. Early termination is possible without penalties. Until February 29, there is a special offer for a 6-month deposit.

Provides the possibility of deposits only in dollars for 6 (3.84 percent) or 12 (4 percent) months. The minimum amount is 15,000.

CA Autobank
Deposits of this bank can only be arranged through the financial intermediary Raisin, but the interest rate there is high - over 4.

Offers deposits for 12 months with different rates and starting amounts, at 3.03 percent per annum from 6000 euros, and it must be formalized in the office, but for 2.01 percent, you can do it online and start from 1000 euros.

Arquia Banca
A new deposit at 3.5 percent per annum for 6 months from 1000 to 50,000 euros. The reward for balances in the bank accounts is 3 percent for the first year and 2 percent for the second year.

This bank offers deposits only for a long term. The largest in our review is for 24 months at 3 percent per annum, for 12 and 18 months - 2.75 and 2.85 percent respectively. You can deposit from 10,000 euros.

Placing a deposit:
Check if the bank deposit is insured by the Spanish Deposit Guarantee Fund.
Use the simulator provided by the Bank of Spain to accurately calculate your benefits.
Consider whether it might be more advantageous to place your money on financial platforms like Cuenta Facto or other banks in Europe. There, you may find interest rates exceeding four percent.